May was a big month for homes going under agreement. In fact, it was the biggest month MAR has ever recorded for both single-family sales and condominiums. Rising home prices and rising interest rates pushed buyers and sellers to come together unlike any month before. Inventory is still very low, but rising prices should encourage more homeowners, who are thinking about selling, to put their homes on the market.
Despite the low inventory of homes for sale, buyers made a huge push in April to make offers on homes. In fact, the push was so huge that more single-family homes were put under agreement in April 2013 than in any month since MAR began tracking pending home sales data in January 2004. While condos didn’t hit an all-time high, they did hit their 2nd highest total.
The snow might have kept some buyers from getting out and making offers on homes in February, but that didn’t happen in March as the number of pending sales went up again. It’s the 22nd time in 23 months that the number of homes put under agreement went up. The number of condos put under agreement went up for the 23 straight month compared to the year before.
Last winter was a ‘non-winter’ and this winter is well…winter! We’re New Englanders and are used to having a real winter, but the multiple weekend snow storms in February did have a bit of an impact on buyer activity.
However, the snow didn’t keep February pending sales from going up over last year. In fact, February 2013 was the 22nd straight month, homes put under agreement were up over the same month the year before. On a month-to-month basis, single-family pending sales were flat from January 2013 while condominium pending sales were up.
Link to February 2013 pending sales release
Here are the highlights:
Single-family pending home sales were up 1.1% compared to February 2012
Single-family month-to-month pending home sales were flat from January 2013
Condo pending home sales were up 11.9% compared to February 2012
Condo pending month-to-month home sales were up 5% from January 2013
We hope you had a nice holiday season and a Happy New Year! Today we released the December and year-end 2012 pending home sales report for single-family homes and condominiums in Massachusetts. For the 20th straight month, homes put under agreement were up over the same month last year. For the complete year, the total number of homes put under agreement in 2012 significantly topped the number of homes put under agreement in 2011.
On a month-to-month basis, pending sales were down from November.